Here s how Australia s revolutionary hydrogen powder will work to export clean energy to the entire planet
How sophisticated cooling systems work in electric car batteries such as Tesla, Ford, and GM
A new SSI payment arrives on August 1 with up to $967 for individual beneficiaries and here s how to find out if you re entitled to it
Hurricanes are no more only a seasonal concern in Florida; they are getting stronger, occurring more frequently, and costing a lot more money. Families throughout the state are dealing with exorbitant insurance costs and fewer alternatives to safeguard their homes as storms cause increasing damage. Many Floridians are left wondering how long they can afford to stay in the state due to rising prices and corporations leaving the market. Let’s examine this unfair circumstance in more detail.
A couple lost their home because of a hurricane
Dayna and Matt Fancher resided in the seaside city of Fort Myers Beach. Their home was devastated by a powerful cyclone named Ian in 2022. Even though the cost of their home insurance has doubled since then, they continue to pay for it. Additionally, they are battling the insurance company in court because they refuse to give them the money they need to restore their house. In order to be able to return to their home, they had to take out loans.
Why is this happening in Florida?
In recent years, Florida has had numerous powerful hurricanes, which has increased the cost of insurance. In actuality, the cost of home insurance in Florida is currently the highest in the entire US. An individual may wind up spending roughly $10,000 annually simply for insurance.
For instance, in just five years, insurance in Fort Myers Beach increased from $9,000 to over $14,000.
Some companies stopped offering insurance
Many people sought assistance from their insurance after Hurricane Ian. For residential damage, over half a million claims were filed. Many insurance companies in Florida went bankrupt or ceased to provide insurance as a result of the massive losses (up to $65 billion).
Due to the high storm risk, several national businesses, such as Farmers, have also announced that they will no longer insure homes in Florida.
Climate change is making everything worse
Climate change, according to experts, is the reason of this. The water is getting hotter due to global warming, which intensifies hurricanes and increases precipitation. For instance, because the warmer air retained more moisture, Hurricane Helene brought a lot of water. This raises the cost of fixing everything, which is why insurance rates increase.
What is happening with insurance?
Many people are using Citizens, a special state firm, because they can no longer afford standard insurance. However, as the number of customers using that company increases, so do the prices. According to an analyst, if this trend keeps up, insurance premiums in the Tampa, Florida, area may more than double by 2055.
This is occurring elsewhere as well. For instance, wildfires in Sacramento, California, are driving up insurance rates.
What about house prices?
Many people no longer wish to purchase properties in certain places due to the increased frequency of hurricanes. As a result, home values have decreased. Homes in Fort Myers Beach have lost almost $200,000 in value after Hurricane Ian. Home values in Sanibel Island, another beach area, have increased from $1.3 million to approximately $868,000.
Some people can no longer leave
Fort Myers Beach is where Joanne Klempner spends a portion of the year. She claims she must stay because she has already spent a lot of money on repairs and is unable to sell her house. If the hurricanes keep coming, she worries about what will happen to her town. She claims that living on the beach was worthwhile in the past, when there hadn’t been a hurricane for thirty years. She isn’t so sure now, though, following three hurricanes in a year and a half.
What will happen with Fort Myers Beach?
Some individuals still think Fort Myers Beach is a good place in spite of everything. People are constructing taller, more robust homes to better withstand floods, according to Jacki Liszak, president of the Chamber of Commerce. She thinks that because it’s a lovely area to live and visit, people will continue to come. Would you like to live in a hurricane-prone area like Florida?
